What separate kinds of policies are available for homeowners? This may be one of your questions if you are preparing to purchase a home or are exploring adding additional coverage to your current home. There are quite a few unique policies written in the US. Below you'll see a bit of info on each kind.nnA homeowner's insurance policy is standardized to make sure it is consistent and easy to use. forms are provided by the Insurance Services Office or the ISO. There are letter and number combinations, with HO being the letters the numbers range from 1 - 8 for the different types of available policies.nnThe typical homeowner's coverage is called HO-3, and may at times be called 'all risk' or 'open peril' insurance. The dwelling, the occupants and their possessions in case of certain events,it and other policies of this nature cover damage to the property. What exactly is covered as well as the total coverage amount needs to be articulated by the policy. HO-5 is a policy that resembles that, yet offers more coverage for diverse events.nnLightening damage and theft are usually covered in the basic policy. Some occurrences, such as floods and earthquakes, most likely are not covered.nnIf you live in an area that's likely to be affected by floods or earthquakes, you would be required to purchase special insurance. The home must be equipped with smoke detectors and fire extinguishers to qualify,but fire insurance is added to most policies.nnCommonly owned items are covered by standard policies, but sometimes a special rider is needed (in other words, HO-1) to insure a more valuable item. A painting of high value, for example, may need an additional rider. Certain "parts" of a home might need extra coverage. As an example. a swimming pool that is inside may only be covered by a HO-2 rider.nnInsurance coverage for those who rent (HO-Four) is a kind of coverage that is used to cover belongings in an apartment or home instead of the building itself. Generally, the property owner has insurance on the structure, but the insurance does not cover the items.nnAn HO-6 policy was made just for owners of condominiums. Some of the structure's components are addressed by the Association's policy. HO-6 completes everything that is missing. The last policy type, HO-8, came into existence for older home owners.nnIt is vital that you give a thought to every choice at the time of buying homeowners insurance and understand all that the plan has to offer. Most companies now offer online quotes, so you can easy way to make your selection.n
